Italian Monte dei Paschi di Siena (MPS) is planning to hire more than 100 private bankers within the next three years, Francesco Fanti, head of the private banking division, told PBI.

Fanti said that by 2017 MPS will be increasing the number of relationship managers, bolstering its existing 370 bankers. The new hires will be embedded in the network of its 89 private banking centres, within 15 regions in Italy.

In addition, the ambitious bank is also looking to open new centres across the country, mainly in the North, to cater for the major recruitment drive.

MPS has over €20bn assets under management (AuM) in its private division as of September 2013. Overall, the bank collected 207bn AuM in the same quarter.

Meanwhile in December last year, FinecoBank, part of UniCredit group, said it was ambitiously aiming to hire over 900 personal financial advisors by 2015. The bank has already more than 2,400 financial planners.

According to the AIPB (Italian Association Private Banking), 84% of private banks in Italy are planning to hire new advisors between 2014 and 2015. As of June 2013, the total number of private bankers in Italy was 5,505.